FITC is set to support AG Mortgage Bank Plc in its organisational transformation journey, in a move to further strengthen the bank’s capacity to deliver on its strategic re-engineering plan towards dynamism, innovation, market leadership and sustainable growth.
This announcement was made during the signing of the Memorandum of Understanding (MoU) recently at the Mortgage Bank’s office in Ikeja, Lagos.
Speaking at the event, the managing director/CEO, AG Mortgage Bank, Ngozi Onyemuwa Anyogu, noted that, his mortgage institution was established with the sole aim of providing premium mortgage solutions to the society at large, adding that, the board of the bank had recently approved the 2020-2024 strategic plan, aimed at restructuring and repositioning the bank for accelerated growth, hence, the engagement of FITC to handle and oversee the strategic process.
The mortgage sector has witnessed a significant shift since the 2008 Global Financial Crisis which was mainly driven by the market turmoil from the securitisation of sub-prime mortgages. In Nigeria, the sector continues to reel from very high interest rates and the absence of active primary, secondary and tertiary markets for products, despite the policy reforms implemented, including the setting up of the Nigerian Mortgage Refinancing Company, (NMRC).
However, the ever-evolving middle class in Nigeria and its appetite for home ownership keeps the sub sector highly relevant.
Speaking further on this development, Anyogu stated that, his bank was incorporated on 21st July 2004 to carry on business as a Primary Mortgage Institution(PMI).
To him, “we were granted a mortgage banking license by the Central Bank of Nigeria in December 2004 and commenced full operations by 31st January 2005. We have since inception, developed innovative products that have received the approval of the Central Bank of Nigeria(CBN).”
On her part, the MD/CEO, FITC, Ms. Chizor Malize, noted that, “as AGMB journeys into its 20 years of operation, led by its visionary and transformational leader, its vision is to transform into a clear market leader. FITC, the world-class, innovation led, and technology driven knowledge institution, and primary partner to the Nigerian financial services sector, offering top notch and cutting-edge knowledge solutions through our capacity development and Advisory interventions, is the obvious partner of choice, and best poised to catalyze that vision to take AGMB to the next level’’ Malize said.
Reacting further, Malize noted that, FITC, having recently undergone organisational transformation, shall be applying their game changing formula; the 6Ps (Programme, Platform, People, Process, Performance and Positioning) in redesigning and re-engineering AGMB towards dynamism, innovation, and longevity.
“We are indeed excited to be embarking on this new journey with AGMB and to be extending our impact in the Nigerian Financial services landscape and across all sub sectors therein. We are ready to serve!” she noted.
In Nigeria, she said, the regulatory outlook continues to evolve, requiring players to be agile, innovative, and to play by the rules, adding that, regulations and frameworks encouraging competitive markets are also a motivation to reposition for competitive advantage and outperform competitors.
The FITC/AG Mortgage Bank project, which is set to commence in the current month, will cover Organisational Restructuring including Board Assessment and Governance Evaluation gap analysis & benchmarking, Organisational Audit and Design, including People, Structure and Performance, as well as product, Channel Audit and Design.
The project will be delivered by the FITC Advisory Unit. FITC Advisory tailors’ unique industry and clients’ specific solutions to unlock value, transform organisations optimise talents for competitive advantage through their technology, HR & Talent Management, Governance & Board Strategy, and Data analytics services, which have been redesigned, refocused, and re-engineered for agility and innovation.
